Bank of Korea Poll: 40% of Young Adults Enthusiastic About Cryptocurrency

Bank of Korea Poll: 40% of Young Adults Enthusiastic About Cryptocurrency

The Korean central bank has released the results of its nationwide poll which includes information about cryptocurrency acceptance. Among 25,011 poll participants, 40% of young adults are eager to possess cryptocurrencies, according to local media.

Korean Central Bank’s Crypto Poll

The Bank of Korea (BOK) announced the results of its poll on the means of payment on Tuesday. It was conducted on 25,011 adults aged 19 and older nationwide from September to November of last year, Yonhap reported.

“40% of young adults [are] eager to possess cryptocurrencies,” the Korea Times conveyed the poll results. “South Koreans who are in their 20s and 30s are familiar with cryptocurrencies and willing to invest in them amid the recent craze for the new type of digital money,” the publication added, elaborating:

Some 21.6 percent of 2,511 respondents said they are conscious of cryptocurrencies, with the number soaring to 29.4 percent and 40.3 percent among 20-somethings and 30-somethings, respectively…24.2 percent of those in their 20s are eager to invest in cryptocurrencies, while 20.1 percent of people in their 30s are also enthusiastic.

The Korean central bank found that the higher the income level, the higher the awareness of cryptocurrency. However, low-income earners with less than 20 million won (~USD$18,600) in annual income want to invest in cryptocurrencies the most.

Meanwhile, only 5.2 percent of respondents actually hold cryptocurrencies, with those in their 30s holding the most, followed by those in their 20s, at 9.4 percent and 6.2 percent respectively. The main reason for holding is for investment purposes, said 86.7 percent of respondents. In terms of their willingness to hold crypto, 24.2 percent of those polled in their 20s are willing compared to 20.1 percent for those in their 30s.

“Only 5.7 percent of those in their 60s and 2.2 percent of people aged over 70 said they have heard of digital currencies,” the news outlet detailed. “Seniors are also in favor of the new currencies, with 6.8 percent and 8.3 percent of those in their 60s and 70s saying so, respectively.”

Bank of Korea’s Stance on Cryptocurrency

The Bank of Korea has repeatedly stated that it does not recognize cryptocurrency as money. The bank’s governor Lee Ju-yeol said last week at the National Assembly Finance Committee meeting, as reported by Seoulfn:

I think virtual currency is too far away to have a monetary nature…If you look at it, I think it is right to see it as an asset or a commodity.

Citing the recent G20 meeting, the governor added, “We have agreed that central banks will conduct research and monitoring on virtual currency, and Korea will take the same position.”

South Korea is home to some of the largest cryptocurrency exchanges. The Kakao-backed exchange Upbit and its older rival Bithumb are the world’s fifth and sixth largest cryptocurrency exchanges at the time of this writing. Their 24-hour trading volumes are $952 million and $582 million respectively.